Could it become the East’s Fintech mecca?
Vietnam’s fintech has reached new heights, and the recently introduced regulatory sandbox is further fueling its growth. It is predicted that the country’s fintech market will reach a staggering $18 billion by 2024.
Moreover, the approval for the National Digital Transformation Program by 2025 given by the country’s Prime Minister could not have happened at a better time as it has accelerated the inclination towards fintech.
With close to 200 fintech organizations, 66% of adults now have payment accounts listed by the Ministry of Planning and Investment. Not to forget, the perfect mix of 91.3 million smartphone subscribers and an internet penetration rate of 73.2 percent has made the situation more favorable for the growth of the industry.
The success of these promising fintech organizations has been linked to their close ties with the banking sector which have created invaluable synergies.
The Vietnam Banks Association (VNBA) has always been upfront in bringing favorable changes to the country’s financial services industry, be it lowering SMS fees for banking services or urging Visa and Mastercard to reduce several types of fees at Vietnamese banks during Covid. The latest move garnered a lot of attention as it stepped forward as the official support partner for the World Financial Innovation Series (WFIS) which looks set to become the country’s premier fintech event.
In a statement issued, post confirming VNBA’s support for WFIS, the Secretary General of the Vietnam Banks Association, Dr. Nguyen Quoc Hung expressed his views on the event, he said: “This event, WFIS 2023, will be an opportunity for managers, experts, technology – and business leaders from leading banking, insurance and microfinance institutions in the region to share and update information related to digital transformation and also an opportunity for member organizations of HHNH to participate.”
The World Bank Group has also been actively supporting Vietnam in becoming a high-income economy by 2045, and its senior specialist in the financial sector, Ketut Ariadi Kusuma, who previously spoke to VGP about the development prospects of the corporate bond market in the country, is now keen to encourage technology innovations in Vietnam’s FSI. He will also be seen as a keynote speaker for the same fintech event that is WFIS.
For major players, investors and even newcomers, the current nascent stage and relatively small size of the country’s fintech market makes it particularly attractive for investment, given that there are plenty of opportunities to get involved and scale big.
Call it a coincidence, but even the Executive Vice President of Techcombank (TCB), Kanishk Upadhyay has confirmed his place as a keynote speaker at WFIS and his view on the same has been very similar to that of Dr. Hung where he expressed, “WFIS 2023 brings bringing together executives, experts, technology and business leaders from leading banking and fintechs, the packed overview is a great opportunity to not only update yourself on information related to the latest digital happenings, but also a chance to meet and pick the brains of the expert speakers in attendance. Can’t wait!”
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